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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessNZGBs Bear Flatten On Wider Inputs
The major NZGB benchmarks finished 3-6bp cheaper on Tuesday as the curve bear flattened, while swap rates finished 3-6bp higher, as that curve steepened, leaving swap spreads mixed.
- The bid in Chinese & HK equities on the back of a modest downtick in the new COVID case s in China, as the run of new record daily totals came to an end, helped apply pressure.
- The local market close meant that the space didn’t participate in the sell off seen in wider core global FI on the back of news that the Chinese health authorities will hold a press conference on COVID later today (speculation surrounding the potential for a complete re-opening seems a bit misplaced to us, although there may be further tweaks to the country’s ZCS).
- Local headline flow was on the light side, with the most prominent headlines centring on the NZIER calling for a peak RBNZ OCR of 5.00%, 50bp shy of the Bank’s own forecast for the terminal rate.
- Terminal rate pricing on the RBNZ dated OIS strip continues to hover a little above 5.40%, with just under 70bp of tightening priced for the Bank’s first meeting of ’23.
- Looking ahead, building permits data and the monthly ANZ business survey headline the domestic docket on Wednesday.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.